Options on index futures & ETF

Hi, I'm trying to figure out how options on ETF like SPY correlate to options on futures on E-mini.
If I understand it right, 1 options contract for S&P 500 futures@2090 corresponds to 10 options contracts on SPY@209.

Would appreciate some links to books/resources on this. Equity options are no brainer for me, but I never dealt with options on futures yet.

Thx

 

I don't do Futures either, however, a better comparison would be against SPX options, instead of SPY options.

 

Look at the cash index as the base.

SPX=100X
SPY=10X
ES=50X

I hope that helps.

Bob

 

Basically 500 shares of SPY = 1 e-mini...IOW, assuming the same delta's on the options or let's say the 2100 Calls in ES and 210 calls in SPY, it would probably be 5 SPY calls = 1 ES future call...Commissions on that 1 ES futures call are 2.82 RT, whereas the 5 SPY calls would probably be around 8.00 RT...